NEW YORK (TheStreet) -- Has the transmission market gone as low as it can go? The CEO of Allison Transmission (ALSN) - Get Report thinks so.

Larry Dewey said he sees some slowing in the company's North America business but weakness in some of its key markets may have bottomed.

Allison is the world's largest manufacturer of automatic transmissions for commercial duty vehicles, such as buses, fire trucks, and utility vehicles. 

That's known as the "on-highway market."

The company also makes transmissions for "off-highway" vehicles, which include equipment used in the mining and energy sectors. 

"Certainly defense and off-highway is down pretty much to irreducible levels," said Dewey, who is also Allison's president. "So we feel that that has bottomed out."

Dewey said Allison has been seeking to gain market share in places like Brazil and China, although he added that there has been some slowing in the Chinese market.

In the company's latest quarterly earnings report, Allison reported a decline in sales of its hybrid products, which Dewey said its partly due to low oil prices.

"We've got the products, we continue to develop, because we don't believe that the current energy situation is going to stay that way," Dewey said. "We want to have a total range of products for whichever direction the customers want to go so that we're well positioned."

Dewey said the company's future will include a continued emphasis on product development. On another note, Dewey said he does know how to change an automatic transmission.

Allison Transmissions was marking its 100th anniversary at the New York Stock Exchange on Thursday. Company executives rang the closing bell.

The company, which used to be part of General Motors (GM) - Get Report, was acquired by the Carlyle Group  (CG) - Get Report and the Toronto-based private equity group Onex in 2007 for $5.6-million. It became a public company in 2012.

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